This article discusses a technology inherent in rechargeable metal-air batteries and reversible fuel cells, namely a bi-functional oxygen electrode. The criteria of a good bi-functional oxygen electrode are presented, and the various sources of overpotential at such an electrode are discussed. The various materials used in bi-functional oxygen electrodes are described, both for secondary metal-air batteries and for regenerative fuel cells. The intricacies of the structure of the bi-functional electrode are elucidated, including the requirement of two separate zones for oxygen reduction and oxygen evolution reactions. The challenges associated with such electrodes (e.g., carbonation) and the future directions of research required to advance the technology of bi-functional electrodes are described.